Construction Equipment Rental Market: Global Industry Analysis and Forecast (2023-2029)

Global Construction Equipment Rental Market is expected to reach US$ 146.64 Bn. by 2029, at a CAGR of 4.2% throughout the forecast period.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.To know about the Research Methodology:-Request Free Sample Report
Construction Equipment Rental Market Overview:
After experiencing major financial crisis in the year 2007-2008, the construction equipment rental market has showed stable growth in the current years. The construction equipment rental market touched a record revenue of USD 105.52 Bn in 2022 & is expected to reach USD 135.06 Bn by 2029, at a CAGR of 4.20%, in terms of value, during the forecast period. This is credited mostly to the growing revenue of construction equipment rental suppliers driven by main infrastructure schemes in developing markets & growth in residential construction in the US & Europe.

Global infrastructure plans, like China’s Belt & Road program, an extraordinary $ 1 trillion investment in ports, roads, & rail infrastructure through more than 150 nations, is one of the aspects responsible for the increase in sales of construction equipment as well as rental profits. China’s Belt & Road Program, that goals to link China with other parts of Asia, Russia, & Europe by land & sea corridors, coupled with other huge infrastructure plans in the developing world, have helped drive worldwide growth. In developing markets, construction equipment revenue produced as the result of a boom in residential construction. Furthermore, high-value infrastructure plans in Britain, which contain road improvements, new nuclear reactors, & high-speed rail & North America’s road infrastructure development schemes are anticipated to make a steady flow of rental revenues in construction equipment rental during the forecast period.

In today’s economy & considering the cyclical nature of the construction industry, the aids of renting construction equipment are improved. Numerous contractors, construction businesses, & a wide range of businesses are more & more exploring rental choices. Numerous economists & business leaders expect economic slump to be on the horizon, which may further increase the need for equipment rental & push firms even further away from leasing & ownership.

There are numerous prices associated with the acquisition of new equipment, like the price of equipment ownership, the first asset cost, & the tenure to pay off equipment financing, plus maintenance & repair prices. Construction businesses are wary of such prices &, on top of this price factor, the cyclical nature of the construction industry & economic variations can make it hard for organizations to fully utilize the equipment they have bought & obtain the most value, especially when that equipment is idle during slow business circumstances. In this situation, rental is an attractive alternative, mainly as companies brace for economic slump & the potential implication of operational slowdown.

The construction industry is horizontal to the effects of recession & economic decline. The construction equipment rental market is inclined by the business cycles of an economy, which witnesses numerous business cycles over its lifetime, during which it displays high or low economic activity. Economic changes can be divided into periodic phases of expansion, recession, trough, & recovery. In the case of economies that experience an expansionary trajectory, the construction industry also involvements robust development, so does the construction equipment rental industry, with an exponential surge in productivity. This development can be attributed to high customer demand & informal access to public-private capital investments. Otherwise, the construction industry suffers under a recession-plagued economy, as the lack of customer demand results in a reduction in the final production. The resultant drop in construction actions, in turn, affects the construction equipment rental market.

Opportunity: Low rental penetration in developing countries

Rental saturation is a significant measure to assess the chance in terms of potential markets against the current market. A comparatively low level of rental penetration proposes a major market opportunity for rental firms to increase their business. On the other hand, a high level of rental penetration shows the market is saturated & will only increase at the rate of total fleet development. As associated to the over-all average among established nations & even the BRICS nations, nations like India & China have a marginal saturation of construction equipment rental.

The objective of the report is to present a comprehensive analysis of the Global Construction Equipment Rental Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Construction Equipment Rental Market dynamics, structure by analyzing the market segments and project the Global Construction Equipment Rental Market size. Clear representation of competitive analysis of key players by Product, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Construction Equipment Rental Market make the report investor’s guide.
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Construction Equipment Rental Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 109.94 Bn


Forecast Period 2023 to 2029 CAGR:
4.2%
Market Size in 2029:
US $ 146.64 Bn


 Segments Covered:
by Equipment
Earthmoving
Material Handling
Road Building & Concrete


by Product
Backhoes
Excavators
Loaders
Crawler Dozers
Cranes
Concrete Pumps
Compactors
Transit Mixers
Concrete Mixers
Others


by Application
Residential
Commercial
Industrial


by Segment
IC Engine
Hybrid Type



Construction Equipment Rental Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. United Rentals, Inc.
2. Herc Holdings Inc.
3. Ashtead Group Plc
4. Aktio Corporation
5. Loxam Sas
6. Kanamoto Co., Ltd.
7. Nishio Rent All Co., Ltd.
8. H&E Equipment Services, Inc.
9. Nikken Corporation
10.Cramo Group
11.Ramirent Plc
12.Maxim Crane Works, L.P.
13.Kiloutou
14.Sarens Nv
15.Taiyokenki Rental Co., Ltd.
16.Ahern Rentals, Inc.
17.Boels Rental
18.Speedy Hire Plc
19.Mtandt Rentals Limited
20.Nesco Rentals
21.The Hertz Corporation
22.Unirent LLC
23.Caterpillar Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Construction Equipment Rental Market?
Ans: North America region helds the highest share in 2022.

2. What is the growth rate of Global Construction Equipment Rental Market?
Ans: The Global Construction Equipment Rental Market is growing at a CAGR of 4.2% during forecasting period 2023-2029.

3. What is scope of the Global Construction Equipment Rental market report?
Ans: Global Construction Equipment Rental Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Construction Equipment Rental market?
Ans: The important key players in the Global Construction Equipment Rental Market are – United Rentals, Inc., Herc Holdings Inc., Ashtead Group Plc, Aktio Corporation, Loxam Sas, Kanamoto Co., Ltd., Nishio Rent All Co., Ltd., H&E Equipment Services, Inc., Nikken Corporation, Cramo Group, Ramirent Plc, Maxim Crane Works, L.P., Kiloutou, Sarens Nv, Taiyokenki Rental Co., and Ltd.

5. What is the study period of this market?
Ans: The Global Construction Equipment Rental Market is studied from 2022 to 2029.